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Kinnevik, a Swedish family controlled holding company, had another strong month with its shares rising 7.5% over the month. The growth in Zalando, one of its holdings, has been very impressive and the interest in the potential IPO is drawing investors to Kinnevik. We have started to reduce our position gradually. Having made the investment a year ago on a discount of c30% to reported NAV, the share price today stands at a premium to that reported NAV, having risen by over 60% in that time. Our rationale for continuing to hold the stock is that the reported NAV understates the true value of Zalando, and some of the other e-commerce assets. However, the multiples at which these companies are being valued are high and there is always a risk that an IPO doesn’t materialise as planned. Whilst the story is attractive, the valuation is pricing in more of a good outcome and hence there is potential downside risk.